The financial crisis of Southeast Asia in 1997 and the Global financial crisis in 2008 have had significant effect on China and ASEAN, which made them realize the importance of monetary cooperation. Based on VAR model, the paper used the relevant data of China and ASEAN and tried to examine economic impact correlation and the reaction speed by analyzing the symmetry of economic impact and the impulse response function separately. The conclusion of the feasibility of monetary cooperation between China and ASEAN was then made and an appropriate approach was further suggested by comparing European Union’s relevant data.